Ve NAME: SECTION: SCORE: PROFESSOR Problem #10 Two Sole Proprietors Forma Partnership On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Book Current Value Market Value Assets Cash Accounts Receivable (net) Inventory Property and Equipment (net) Total Assets P 37,000 220,000 510,000 1,218,000 P1,985,000 P 37,000 202,000 460,000 1,235,000 P1,934,000 Tuddao's Business Book Current Value Marlem Value P 80.000 P 80.000 80,000 63,000 340,000 351.000 535,000 574,000 P1,035,000 P1,068.000 P 91,000 14,000 Liabilities and Capital Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital P 236,000 22,000 750,000 P91,000 14,000 P 236,000 22.000 750,000 977,000 930,000 P1,035,000 P1,985,000 P1,934,000 P1,068,000 Required: 1. Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2019